this is what 2,200 Sq foot cost you elsewhere (Cary: loan, how much)
Raleigh, Durham, Chapel Hill, CaryThe Triangle Area
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good post...And since our market did not skyrocket b/n 2000-2005 I don't think you will see a super low appreciation or depreciation in the upcoming year or so like you will in other markets. We are still steady.
Coldwell banker compared the price of a 2,200-square-foot house with 4 bedrooms, 2 ½ bathrooms, a family room and two-car garage in 317 U.S. Markets. The national average for a 2,200 square foot house was $422,343.
Wow. That seems really high for an average. Even some of the pricier areas around here are giving you more home for the money than that.
The list of most expensive markets is interesting, because they've pinpointed the most expensive sections of certain metro areas, ie., La Jolla is part of San Diego; San Mateo is part of the Bay Area. Boston and San Francisco are the only big cities on that list.
I found this last part of the article interesting:
Quote:
A major omission from the list was Manhattan in New York City because Coldwell Banker said there was a lack of comparable single-family homes to calculate for the purposes of the index.
I wonder if there were any other areas they had to omit for the same reason.
Wow. That seems really high for an average. Even some of the pricier areas around here are giving you more home for the money than that.
I wish the figure had been the median rather than the average, as the average home price is always going to skew to the right. A home can cost no less than $0.00, but can cost millions of dollars. Those homes in Beverly Hills and Greenwich, CT, push the average price higher.
I, too, was surprised by that average - It seems a lot higher than I would have expected. I just sold a townhome in N. VA for $465k.... 1 car garage, 2250sq ft, 3.5 baths, 3 bedrooms. A year and a half ago could have sold it for $540k. Doh! We'll be moving into our new house in Cary next month. YAY!
I wish the figure had been the median rather than the average, as the average home price is always going to skew to the right. A home can cost no less than $0.00, but can cost millions of dollars. Those homes in Beverly Hills and Greenwich, CT, push the average price higher.
That's not necessarily true. For example, say you have 5 homes with the following prices...
$200k, $400k, $400k, $400k, $400k
Average = $360k
Median = $400k
Our previous 2,200sqft home in Orange County, California, is currently worth $900,000. We sold it for $280,000 12 years ago.
I feel your pain. In 1990, we bought a 3 bed, 1 ba ranch in West Seattle for 125K. In 1994, we sold it for $180K. We were esctatic. Just for grins, I went to realtor dot com today and plugged in our old W. Seattle zip code and omigosh if our house is not on the market! Asking price? $645K. The same size house across the street (with an unobstructed view of Puget Sound) sells for close to a million.
Give me the knife now so I can slit my throat. (kidding)
In 1997, we purchased our 4 bed, 2.5 ba house outside of Boston for $300K. In 2005 (before the market got soft here), we could have sold it for close to $700K. We sold it about 6 months ago for $520K but as we had hit the financial skids (unemployment for so long) as well as added on to it back in 2001 (and we had to fund the construction with a new loan), we didn't exactly pull $200K in equity out of it. Less than a third of that, once the second and third liens were cleared and our debts paid off.
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